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Weekly IRS Roundup September 26 – September 30, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of September 26, 2022 – September 30, 2022.

September 26, 2022: The IRS released Internal Revenue Bulletin 2022-39, which highlights the following:

  • REG-125693-19: These proposed regulations clarify issues that do not meet the definition of a federal tax controversy, exceptions to consideration by the IRS Office of Appeals (IRS Appeals), and procedural and timing requirements that must be met before IRS Appeals will consider an issue. The proposed regulations also provide the requirements a taxpayer must meet to receive the notice described in Internal Revenue Code (Code) Section 7803(e)(5) when the taxpayer requests consideration by IRS Appeals and the request is denied. More coverage of this issue can be found here.
  • Notice 2022-38: This notice publishes the inflation adjustment factor for the carbon oxide sequestration credit under § 45Q for calendar year 2022. This notice also informs taxpayers that 2022 will be the final calendar year for which they may claim a credit under Code Section 45Q(a)(1) and (2) for qualified carbon oxide that is captured by carbon capture equipment originally placed in service at a qualified facility before the date of enactment of the Bipartisan Budget Act of 2018.

September 26, 2022: The IRS issued Notice 2022-44, providing annual notice of the 2022 to 2023 special per diem rates for taxpayers to use when substantiating the amount of business expenses incurred while traveling away from home. Specifically, the notice addresses (1) the special transportation industry meal and incidental expenses rates, (2) the rate for the incidental expenses only deduction and (3) the rates and list of high-cost localities for purposes of the high-low substantiation method.

September 26, 2022: The IRS released Notice 2022-45, extending the deadline for amending an eligible retirement plan to reflect the Coronavirus Aid, Relief, and Economic Security Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020. Both allow for special tax treatment with respect to a coronavirus-related distribution or a qualified disaster distribution.

September 26, 2022: The IRS released Tax Tip 2022-147, highlighting five resources people can find on IRS.gov. These resources are:

  1. Taxpayer Bill of Rights
  2. How to apply for 501(c)3 status
  3. IRS tax volunteer opportunities
  4. Latest tax scams
  5. Interactive Tax Assistant

September 27, 2022: The IRS released Tax Tip 2022-148, providing the steps for becoming an IRS-authorized e-file provider.

September 27, 2022: The IRS announced that victims of storms and flooding in Alaska, which started on September 15, now have until February 15, 2023, to file various federal individual and business tax returns and make tax payments. The relief is available to anyone in an area designated by the Federal Emergency Management Agency [...]

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Weekly IRS Roundup August 2 – August 6, 2021

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of August 2, 2021 – August 6, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here.

August 3, 2021: The IRS issued a news release as part of a Security Summit series in partnership with state tax agencies and the tax industry, advising tax professionals on how to guard against—and mitigate—the effects of unemployment compensation fraud.

August 4, 2021: The IRS issued Notice 2021-49 and an accompanying news release, providing guidance on the employee retention credit under Section 3134 of the Code (as enacted by the American Rescue Plan Act of 2021) and supplementing previously-issued guidance under earlier COVID-related legislation.

August 4, 2021: The IRS issued a news release reminding taxpayers with registered large trucks and buses of the August 31, 2021, deadline to file Form 2290: Heavy Highway Vehicle Use Tax Return.

August 5, 2021: The IRS released corrections and correcting amendments to final regulations regarding the election, which were published on January 13, 2020, under Section 1400Z-2 of the Code. The corrections specifically address federal tax benefits with respect to certain equity interests in qualified opportunity funds.

August 5, 2021: The IRS issued Notice 2021-47, announcing the inflation adjustment factor and associated phase-out amount for purposes of determining the enhanced oil recovery credit under Section 43 of the Code.

August 6, 2021: The IRS issued Revenue Procedure 2021-31, providing tables used in determining depreciation deduction limitations and income inclusions with respect to passenger automobiles for Calendar Year 2021 under Section 280F of the Code.

August 6, 2021: The IRS released its weekly list of written determinations (e.g., Private Letter Rulings, Technical Advice Memorandums and Chief Counsel Advice).

Special thanks to Le Chen in our Washington, DC, office for this week’s roundup.




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